News & Analysis as of

Mortgage Interest

House and Senate Legislators Take Significant Steps Toward Tax Reform

by Ropes & Gray LLP on

On Thursday, November 16, 2017, House and Senate legislators took significant steps towards achieving the most extensive tax reform in over a decade, with the passage of the Tax Cuts and Jobs Act by the House of...more

Tax Alert Regarding The Impact Of The House And Senate Bills On Financing Transactions

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a tax bill entitled the Tax Cuts and Jobs Act, and later proposed amendments to the bill on November 3, November 6, and November 9,...more

The Senate Finance Committee’s proposal for tax reform, and how it compares with the bill passed by the House Committee on Ways &...

by Proskauer - Tax Talks on

UPDATE: The Senate Finance Committee last night released a revised version of the Chairman’s Mark of the Tax Cuts and Jobs Act. We are reviewing these changes and will release an update soon... On Thursday, November 9, the...more

Comparison of Senate and House Tax Reform Proposals

by Hodgson Russ LLP on

On November 2, Rep. Kevin Brady (R-TX), Chairman of the House Ways and Means Committee, released a proposed bill, titled the “Tax Cuts and Jobs Act” (the “House bill”), which would make major changes to federal income...more

West Coast Real Estate Update - November 2017 #1

by Holland & Knight LLP on

The tax proposal initially released by the House Ways and Means Committee could look very different from what Congress actually approves. However, analysts have said that, if passed, certain provisions in the tax plan could...more

Tax Cuts and Jobs Act Update: Key Differences Between the House and Senate Bills

by Polsinelli on

The Senate Finance Committee Chairman’s Mark for the “Tax Cuts and Jobs Act,” released Nov. 9, describes in detail the Senate tax bill and is significantly different than the House bill, as it currently stands....more

The Impact on Financing Transactions if the House’s “Tax Cuts and Jobs Act” Passes

On November 2, 2017, House Ways and Means Committee Chairman Kevin Brady (R-TX) introduced a tax bill entitled the Tax Cuts and Jobs Act (“H.R. 1”), and later proposed amendments to the bill on November 3, November 6, and...more

House of Representatives Releases First Draft of Tax Reform Bill

by Jones Day on

The Situation: On November 2, 2017, the House Ways and Means Committee released its first draft of much-anticipated comprehensive U.S. tax reform legislation as the "Tax Cuts and Jobs Act." Chairman Brady’s markup of the bill...more

Federal Tax Reform: The House Tax Bill—Summary and Where Do We Go From Here?

by Ballard Spahr LLP on

House Republicans released their tax bill—the Tax Cuts and Jobs Act—last Thursday. Although its provisions are generally in line with the House Republican Blueprint for Tax Reform released in June 2016 by House Speaker Paul...more

House Ways and Means Committee Releases Proposed “Tax Cuts & Jobs Act”

by Hodgson Russ LLP on

On November 2, Rep. Kevin Brady (R-TX), Chairman of the House Ways and Means Committee, released a proposed bill, titled the “Tax Cuts and Jobs Act”, which is designed to create “more jobs, fairer taxes, and bigger paychecks”...more

House Republicans Release (Simplified?) Tax Reform Bill

The House Republican’s tax reform bill – the Tax Cuts and Jobs Act – was released yesterday. This bill is 429 pages (this is simplifying?) and provides for extensive tax reform. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The White House has made it official and nominated Fed governor Jerome Powell as the next Chair of the Federal Reserve. Powell is expected to continue the basic fiscal (though not necessarily regulatory) policies of the...more

House Releases Tax Bill: Talking Points and Takeaways

by Polsinelli on

On November 2, 2017, the House Ways and Means Committee released the “Tax Cuts and Jobs Act” (H.R. 1). Key elements include reducing the tax rate on corporations to 20%, and reducing the tax rate paid on income earned by...more

Tax Reform Update: A Call for Committee Action

by McNair Law Firm, P.A. on

On September 27, 2017, the Secretary of the Treasury, the Director of the National Economic Council, the Chair of the U.S. House Ways and Means Committee, the Chair of the U.S. Senate Finance Committee, the Speaker of the...more

Desperate for Offsetting Tax Revenue, Trump looks to Tax your 401(k) and Remove your deduction for Mortgage Interest

by Bowditch & Dewey on

Desperate for an accomplishment in this first year of Republican control of the federal government, the Trump administration is floating two ideas that seem on their faces to be non-starters. One, taxing 401(k) contributions...more

The CFPB’s Abusiveness Claim Against Nationwide: If an Interest Minimizer Program is Abusive, What About a Refinancing?

by Williams Mullen on

The crux of the CFPB’s “abusive act or practice” claim[1] against Nationwide Biweekly Administration, Inc. (“Nationwide”) is that its customers do not understand how long they must remain in the company’s Interest Minimizer...more

IRS is Getting More Info About Your Home Mortgage

by Charles (Chuck) Rubin on

This information will allow the IRS computers and personnel to make some judgments on whether a mortgage interest deduction was properly taken on an income tax return. Without this information, the IRS would have had to audit...more

"Income, Wealth Transfer Tax Changes Likely Under New Administration"

Comprehensive federal tax reform likely will be a top priority for the Trump administration and Republicans in Congress in the first half of 2017. Although there are differences between their proposals, President Donald Trump...more

Buy-to-Let Investors Turn to Commercial Property

by Dorsey & Whitney LLP on

Buy-to-let investors are increasingly turning away from residential properties, with some reports stating that the number of those jumping ship to the commercial sector has recently tripled. This shift has been spurred...more

How HUD Secretary Carson Might Affect Mortgage Lenders

President-elect Donald Trump’s recent decision to nominate Dr. Ben Carson as Secretary of the Department of Housing and Urban Development (HUD) carries potential implications for mortgage lenders. In accord with Trump’s...more

Estate Planning NOW: Preparing for a New Government

by Lewitt Hackman on

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

A Comparison of Trump and House GOP Tax Reform Proposals

by Holland & Knight LLP on

With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

IRS Agrees that Domestic Partners Are Entitled to Full Home Mortgage Interest Deduction

by Miles & Stockbridge P.C. on

The IRS recently released guidance indicating that it will follow the Ninth Circuit’s ruling in Voss v. Commissioner, 796 F.3d 1051 (9th Cir. 2015), acquiescing to the Ninth Circuit’s opinion that unmarried domestic partners...more

Massachusetts DBO Enters Into Consent Order with Mortgage Lender Over Pre-Disbursement Interest Charges

by Goodwin on

On August 12, the Massachusetts Division of Banks made public its second quarter enforcement actions, including a consent order that it had entered into on April 21 with a California-based mortgage lender and broker...more

Tax and Estate Planning Newsletter - Summer 2015

by Archer Norris PLC on

Dear Clients and Colleagues: This summer’s weather is a mix of hot and cold temperatures, and the rain we need so desperately is coming now in sprinkles along with thunder and lightning. Along with changes in the...more

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